Agreements
A supported and guided process
In order to move on, it is advisable to ensure your financial separation is legally binding for both parties. You have the choice to either have Consent Orders drafted and lodged with the Federal Circuit and Family Court of Australia or enter into a Binding Financial Agreement. Either way, we act as your agent to engage with a solicitor to prepare any required legal documentation.
We can also assist you with the actual divorce process if required, as this is a separate process.
Did you know?
You do not have to get legal advice and engage a lawyer before entering into Consent Orders? You must confirm you are aware of your right to obtain independent legal advice, but it is your choice whether you engage a lawyer to provide such legal advice. For a Binding Financial Agreement, both parties must seek independent legal advice.
We keep it simple:
This unique approach not only simplifies the process but also allows couples to maintain control over the outcome. By opting for financial separation with Div-ide, you and your partner can collaboratively agree on the terms of your property, assets, and other financial matters, avoiding lengthy and expensive legal battles.
Negotiation & agreement
We facilitate communication and negotiation with both parties to reach an agreement on the terms and details of their financial separation. This may involve discussions about property division, how the care of your children is split between you, child support, or other relevant matters.
Clearly outline all the terms and conditions that both parties agree upon. Ensure that both parties fully understand and consent to the terms.
Both parties should communicate with each other or through Div-ide for them to reach an agreement on what they have and how it is to be split between them.
Your agreement is documented
We arrange for the documents to be drafted outlining the agreed-upon terms. This document will reflect the agreement and include all necessary details for both parties to confidently proceed with formalising the agreement either as Consent Orders or a Binding Financial Agreement. We act as your agent to engage with all other professions involved, including solicitors if required, for the relevant documents to be prepared for both parties to sign.
Your agreement becomes legally binding
Once the Consent Order Application and Minutes or the Binding Financial Agreement has been finalised, Div-ide will work with both parties to arrange for documents to be signed and lodged with the court or the required legal sign offs obtained. Once your Consent Orders are approved by the Court or your Binding Financial Agreement has been finalised, Div-ide will assist you with implementing the action items detailed in the documents eg transferring of property and refinancing of loans, selling agreed shares and superannuation splitting.
You’re done!
Scenarios
Scenario 1: property division
A husband and wife agree to sell their property and distribute the proceeds equally between them. They engage Div-die to understand how to do this and make their agreement legally binding. Div-ide explains that all assets and liabilities need to be detailed, not just the ones the parties want to split, and Div-ide assists the couple to compile the information they need to provide.
Consent Orders are drawn up professionally to formalise this agreement, specifying how assets and liabilities are to be split between the couple, as they had both agreed. The Consent Orders specify that from the property settlement proceeds, the mortgage and selling costs are to be paid, and the net balance is to be equally distributed between them.
Scenario 2: shares and cash
A separating couple holds various shares and cash. They enlist the assistance of Div-ide to assist them to assess the current market value of their assets and how to divide these assets between them. Consent Orders are then prepared to outline the equitable distribution of all assets and liabilities, including the shares and cash between the parties, in accordance with their agreement.
Scenario 3: superannuation split
A separating couple earn similar incomes and have agreed to care for their children equally. One member of the couple has a larger superannuation balance than the other, so they engage Div-ide to assist them to come up with a fair property settlement solution. After working with Div-ide, they decide to equalise their superannuation balances by doing a super split, and split all other assets and liabilities 50 / 50, so they each have similar deposits for the new properties they each want to buy after they sell their family home. Legal agreements are finalised, in advance of the couple selling their family home, so they both have security before they sell their home, knowing what they will end up with after the sale. Div-ide works with both parties during this process and their mortgage brokers and conveyancers, to determine their borrowing capacity and have such lending preapproved, so they can confidently know how much they each have to spend on their new property.
Scenario 4: SMSF dissolution
A husband and wife have separated but are not sure how to deal with each of their superannuation balances in their property settlement, particularly as the husband’s superannuation balance is considerably larger than the wife’s. They engage Div-ide and Div-ide works with both parties to agree a fair split of their overall assets, with the husband keeping all of his super and the wife getting more of the assets outside of super, to enable the wife to also be able to buy a property, with her lower borrowing capacity.
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